The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABBVIE INC COM 00287Y109 2,095,200 10,000 SH DFND 1 0 10,000 0
ALPHABET INC CAP STK CL C 02079K107 437,444 2,800 SH DFND 1 0 2,800 0
ALTRIA GROUP INC COM 02209S103 2,511,177 41,839 SH DFND 1 0 41,839 0
AMAZON COM INC COM 023135106 684,936 3,600 SH DFND 1 0 3,600 0
AMERICAN ELEC PWR CO INC COM 025537101 1,639,050 15,000 SH DFND 1 0 15,000 0
APPLE INC COM 037833100 11,750,677 52,900 SH DFND 1 0 52,900 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L203 250,966 8,699 SH DFND 1 0 8,699 0
ASTRAZENECA PLC SPONSORED ADR 046353108 882,000 12,000 SH DFND 1 0 12,000 0
AT&T INC COM 00206R102 339,360 12,000 SH DFND 1 0 12,000 0
AUTOZONE INC COM 053332102 3,812,780 1,000 SH DFND 1 0 1,000 0
BANK MONTREAL QUE COM 063671101 287,008 3,005 SH DFND 1 0 3,005 0
BANK NEW YORK MELLON CORP COM 064058100 1,696,690 20,230 SH DFND 1 0 20,230 0
BANK NOVA SCOTIA HALIFAX COM 064149107 605,207 12,760 SH DFND 1 0 12,760 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 3,515,028 6,600 SH DFND 1 0 6,600 0
BHP GROUP LTD SPONSORED ADS 088606108 228,138 4,700 SH DFND 1 0 4,700 0
BOEING CO COM 097023105 946,553 5,550 SH DFND 1 0 5,550 0
BP PLC SPONSORED ADR 055622104 670,867 19,854 SH DFND 1 0 19,854 0
BRISTOL-MYERS SQUIBB CO COM 110122108 1,866,294 30,600 SH DFND 1 0 30,600 0
BRITISH AMERN TOB PLC SPONSORED ADR 110448107 2,448,111 59,176 SH DFND 1 0 59,176 0
BROWN FORMAN CORP CL A 115637100 401,640 12,000 SH DFND 1 0 12,000 0
C H ROBINSON WORLDWIDE INC COM NEW 12541W209 266,240 2,600 SH DFND 1 0 2,600 0
CANADIAN IMPERIAL BK COMM COM 136069101 1,039,917 18,471 SH DFND 1 0 18,471 0
CANADIAN NATL RY CO COM 136375102 877,140 9,000 SH DFND 1 0 9,000 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108 2,672,754 38,068 SH DFND 1 0 38,068 0
CATERPILLAR INC COM 149123101 1,203,770 3,650 SH DFND 1 0 3,650 0
CEMEX SAB DE CV SPON ADR NEW 151290889 274,890 49,000 SH DFND 1 0 49,000 0
CHEVRON CORP NEW COM 166764100 9,250,970 55,299 SH DFND 1 0 55,299 0
CINCINNATI FINL CORP COM 172062101 2,954,400 20,000 SH DFND 1 0 20,000 0
CISCO SYS INC COM 17275R102 561,561 9,100 SH DFND 1 0 9,100 0
COCA COLA CO COM 191216100 293,642 4,100 SH DFND 1 0 4,100 0
CONOCOPHILLIPS COM 20825C104 4,851,924 46,200 SH DFND 1 0 46,200 0
CONSOLIDATED EDISON INC COM 209115104 4,865,960 44,000 SH DFND 1 0 44,000 0
CONSTELLATION BRANDS INC CL A 21036P108 770,784 4,200 SH DFND 1 0 4,200 0
CSX CORP COM 126408103 5,915,430 201,000 SH DFND 1 0 201,000 0
CUMMINS INC COM 231021106 250,752 800 SH DFND 1 0 800 0
DEERE & CO COM 244199105 281,610 600 SH DFND 1 0 600 0
DOUGLAS ELLIMAN INC COM 25961D105 139,676 81,207 SH DFND 1 0 81,207 0
DOW INC COM 260557103 467,614 13,391 SH DFND 1 0 13,391 0
DUKE ENERGY CORP NEW COM NEW 26441C204 1,305,079 10,700 SH DFND 1 0 10,700 0
DUPONT DE NEMOURS INC COM 26614N102 292,746 3,920 SH DFND 1 0 3,920 0
EASTMAN CHEM CO COM 277432100 4,854,861 55,100 SH DFND 1 0 55,100 0
ELEVANCE HEALTH INC COM 036752103 282,724 650 SH DFND 1 0 650 0
ELI LILLY & CO COM 532457108 8,919,828 10,800 SH DFND 1 0 10,800 0
ENBRIDGE INC COM 29250N105 505,710 11,413 SH DFND 1 0 11,413 0
ENTERGY CORP NEW COM 29364G103 478,744 5,600 SH DFND 1 0 5,600 0
ENTERPRISE PRODS PARTNERS L COM 293792107 4,096,800 120,000 SH DFND 1 0 120,000 0
EQUINOR ASA SPONSORED ADR 29446M102 501,069 18,944 SH DFND 1 0 18,944 0
EXXON MOBIL CORP COM 30231G102 5,756,212 48,400 SH DFND 1 0 48,400 0
FEDEX CORP COM 31428X106 3,839,535 15,750 SH DFND 1 0 15,750 0
FIRST HORIZON CORPORATION COM 320517105 3,301,400 170,000 SH DFND 1 0 170,000 0
FIRST INDL RLTY TR INC COM 32054K103 215,840 4,000 SH DFND 1 0 4,000 0
FIRSTENERGY CORP COM 337932107 1,333,860 33,000 SH DFND 1 0 33,000 0
FREEPORT-MCMORAN INC CL B 35671D857 1,010,862 26,700 SH DFND 1 0 26,700 0
GE VERNOVA INC COM 36828A101 200,264 656 SH DFND 1 0 656 0
HCA HEALTHCARE INC COM 40412C101 3,490,055 10,100 SH DFND 1 0 10,100 0
HEARTLAND EXPRESS INC COM 422347104 700,582 75,985 SH DFND 1 0 75,985 0
HOME DEPOT INC COM 437076102 1,722,503 4,700 SH DFND 1 0 4,700 0
HONEYWELL INTL INC COM 438516106 222,338 1,050 SH DFND 1 0 1,050 0
HSBC HLDGS PLC SPON ADR NEW 404280406 777,889 13,545 SH DFND 1 0 13,545 0
HUB GROUP INC CL A 443320106 297,360 8,000 SH DFND 1 0 8,000 0
HUNT J B TRANS SVCS INC COM 445658107 562,210 3,800 SH DFND 1 0 3,800 0
INTEL CORP COM 458140100 431,490 19,000 SH DFND 1 0 19,000 0
INTERNATIONAL PAPER CO COM 460146103 10,317,890 193,400 SH DFND 1 0 193,400 0
JPMORGAN CHASE & CO. COM 46625H100 6,502,903 26,510 SH DFND 1 0 26,510 0
KEYCORP COM 493267108 207,870 13,000 SH DFND 1 0 13,000 0
KINDER MORGAN INC DEL COM 49456B101 1,283,850 45,000 SH DFND 1 0 45,000 0
KNIGHT-SWIFT TRANSN HLDGS IN CL A 499049104 3,453,976 79,420 SH DFND 1 0 79,420 0
KROGER CO COM 501044101 372,295 5,500 SH DFND 1 0 5,500 0
LAM RESEARCH CORP COM NEW 512807306 327,150 4,500 SH DFND 1 0 4,500 0
LANDSTAR SYS INC COM 515098101 1,366,820 9,100 SH DFND 1 0 9,100 0
LOCKHEED MARTIN CORP COM 539830109 216,208 484 SH DFND 1 0 484 0
LOWES COS INC COM 548661107 2,448,915 10,500 SH DFND 1 0 10,500 0
MAIDEN HOLDINGS LTD SHS G5753U112 8,555 15,000 SH DFND 1 0 15,000 0
MARATHON PETE CORP COM 56585A102 6,054,585 41,558 SH DFND 1 0 41,558 0
MARRIOTT INTL INC NEW CL A 571903202 279,885 1,175 SH DFND 1 0 1,175 0
MCDONALDS CORP COM 580135101 624,740 2,000 SH DFND 1 0 2,000 0
MERCK & CO INC COM 58933Y105 1,211,580 13,498 SH DFND 1 0 13,498 0
META PLATFORMS INC CL A 30303M102 2,593,620 4,500 SH DFND 1 0 4,500 0
MICRON TECHNOLOGY INC COM 595112103 312,804 3,600 SH DFND 1 0 3,600 0
MICROSOFT CORP COM 594918104 7,592,263 20,225 SH DFND 1 0 20,225 0
MONDELEZ INTL INC CL A 609207105 339,250 5,000 SH DFND 1 0 5,000 0
MOODYS CORP COM 615369105 302,699 650 SH DFND 1 0 650 0
MORGAN STANLEY COM NEW 617446448 1,866,720 16,000 SH DFND 1 0 16,000 0
NISOURCE INC COM 65473P105 400,900 10,000 SH DFND 1 0 10,000 0
NOKIA CORP SPONSORED ADR 654902204 147,560 28,000 SH DFND 1 0 28,000 0
NORFOLK SOUTHN CORP COM 655844108 4,144,875 17,500 SH DFND 1 0 17,500 0
NOVARTIS AG SPONSORED ADR 66987V109 390,180 3,500 SH DFND 1 0 3,500 0
NUCOR CORP COM 670346105 1,576,454 13,100 SH DFND 1 0 13,100 0
NVIDIA CORPORATION COM 67066G104 596,090 5,500 SH DFND 1 0 5,500 0
OLD DOMINION FREIGHT LINE IN COM 679580100 330,900 2,000 SH DFND 1 0 2,000 0
OLD REP INTL CORP COM 680223104 3,216,040 82,000 SH DFND 1 0 82,000 0
ONEOK INC NEW COM 682680103 7,790,258 78,515 SH DFND 1 0 78,515 0
PBF ENERGY INC CL A 69318G106 242,443 12,700 SH DFND 1 0 12,700 0
PFIZER INC COM 717081103 3,216,837 126,947 SH DFND 1 0 126,947 0
PHILIP MORRIS INTL INC COM 718172109 1,095,237 6,900 SH DFND 1 0 6,900 0
PHILLIPS 66 COM 718546104 2,241,162 18,150 SH DFND 1 0 18,150 0
PPL CORP COM 69351T106 516,373 14,300 SH DFND 1 0 14,300 0
PROLOGIS INC. COM 74340W103 297,920 2,665 SH DFND 1 0 2,665 0
ROYAL BK CDA COM 780087102 235,698 2,091 SH DFND 1 0 2,091 0
SANOFI SPONSORED ADR 80105N105 400,033 7,213 SH DFND 1 0 7,213 0
SCHNEIDER NATIONAL INC CL B 80689H102 260,490 11,400 SH DFND 1 0 11,400 0
SEAGATE TECHNOLOGY HLDNGS PL ORD SHS G7997R103 331,305 3,900 SH DFND 1 0 3,900 0
SHELL PLC SPON ADS 780259305 1,864,170 25,439 SH DFND 1 0 25,439 0
SOUTHERN CO COM 842587107 1,011,450 11,000 SH DFND 1 0 11,000 0
SOUTHERN COPPER CORP COM 84265V105 1,087,407 11,635 SH DFND 1 0 11,635 0
SUBURBAN PROPANE PARTNERS L UNIT LTD PARTN 864482104 336,160 16,000 SH DFND 1 0 16,000 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 914,660 5,510 SH DFND 1 0 5,510 0
TESLA INC COM 88160R101 362,824 1,400 SH DFND 1 0 1,400 0
TORONTO DOMINION BK ONT COM NEW 891160509 622,702 10,395 SH DFND 1 0 10,395 0
TRACTOR SUPPLY CO COM 892356106 716,300 13,000 SH DFND 1 0 13,000 0
UMH PPTYS INC COM 903002103 6,993,392 373,978 SH DFND 1 0 373,978 0
UNION PAC CORP COM 907818108 5,197,280 22,000 SH DFND 1 0 22,000 0
UNITED PARCEL SERVICE INC CL B 911312106 1,622,353 14,750 SH DFND 1 0 14,750 0
UNITEDHEALTH GROUP INC COM 91324P102 3,037,750 5,800 SH DFND 1 0 5,800 0
VALERO ENERGY CORP COM 91913Y100 3,017,800 22,850 SH DFND 1 0 22,850 0
VERIZON COMMUNICATIONS INC COM 92343V104 648,648 14,300 SH DFND 1 0 14,300 0
VIATRIS INC COM 92556V106 130,702 15,006 SH DFND 1 0 15,006 0
VULCAN MATLS CO COM 929160109 676,570 2,900 SH DFND 1 0 2,900 0
WALMART INC COM 931142103 921,795 10,500 SH DFND 1 0 10,500 0
WELLTOWER INC COM 95040Q104 245,136 1,600 SH DFND 1 0 1,600 0
WERNER ENTERPRISES INC COM 950755108 653,390 22,300 SH DFND 1 0 22,300 0
WILLIAMS COS INC COM 969457100 1,477,805 24,729 SH DFND 1 0 24,729 0
XPO INC COM 983793100 537,900 5,000 SH DFND 1 0 5,000 0